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Bitrue Exchange to Launch Crypto-Backed Loan Platform
The service, which goes live on Sept. 30, loans BTC, ETH XRP and USDT at a 0.04% daily interest rate.
Singapore-based exchange Bitrue is launching a low-interest crypto lending platform, the company said.
The service, which goes live on Sept. 30, loans BTC, ETH, XRP and USDT at a 0.04 percent daily interest rate. Users pledge existing Bitrue-held crypto assets as collateral against their $100-minimum loans.
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Bitrue will fund its novel “power piggy” crypto-holding rewards program with users’ loan interest payments.
The loan platform rollout is part of a larger shift for the XRP-focused exchange, CEO Curis Wang said in a statement, alluding to more financial instruments in the pipeline.
“Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector,” Wang said.
“It’s a perfect time for us to launch the first of our initiatives.”
The new product launch comes only three months after the company was sidetracked by hackers stealing more than $4 million in users’ crypto assets from the exchange. Company representatives said those funds were insured and users were made whole.
Image via CoinDesk archives
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
